MUTUAL RELEASE
AGREEMENT
This Mutual
Release Agreement (this “Agreement”) is made and
entered into this __ day of December, 2006, by Brian Wade Bickford,
an individual having an address at 477 Congress Street, 5
th Floor, Portland, Maine 04101 (“Brian
Bickford”) and Bloodhound Search Technologies, Inc., a Nevada
corporation having an address at 19901 Southwest Freeway, Suite
114, Sugar Land, Texas 77479 (the
“Company”).
WITNESSETH
:
WHEREAS, Brian
Bickford was employed by the Company as its Chief Executive Officer
pursuant to the terms and conditions of the Employment Agreement
dated October 20, 2006 (the “Employment
Agreement”);
WHEREAS, the
Company and Brian Bickford have mutually consented to the
resignation of Brian Bickford’s employment, without cause,
and the discontinuation of Brian Bickford’s affiliation with
the Company, effective immediately;
NOW, THEREFORE,
in consideration of the premises and mutual promises contained
herein, and for other good and valuable consideration, the
undersigned, intending to be legally bound by this Agreement,
agrees as follows:
1.
Reimbursement of Business
Expenses . Brian Bickford
shall be fully reimbursed for the amount of $2,667.79, representing
reasonable and necessary business expenses incurred by Brian
Bickford in connection with the performance of his duties under the
Employment Agreement.
2.
Return of Company
Materials . Brian
Bickford shall return all files, documentation, and information
materials on the Company to the Company within three business days
from the date set forth above and not duplicate, make copies, keep
or distribute any of such materials.
3.
Further Assurance
. Brian Bickford shall promptly
sign instruments, documentation, filings or certifications required
by the Company to give full effect to the release of Brian
Bickford’s position and duties as Chief Executive Officer as
of the date hereof, if any is required.
4. Release by the Company .
(a) The Company and its directors, officers,
agents, advisors, representatives, and direct and indirect
affiliates and their respective successors and assigns
(collectively, the “Company Releasors”) hereby
irrevocably, unconditionally and forever release Bickford (as
defined in paragraph 5 herein) of and from any and all actions,
causes of actions, suits, debts, charges, demands, complaints,
claims, administrative proceedings, liabilities, obligations,
promises, agreements, controversies, damages and expenses
(including but not limited to compensatory, punitive or liquidated
damages, attorney’s fees and other costs and expenses
incurred), of any kind or nature whatsoever, in law or equity,
whether presently known or unknown (collectively, the
“Claims”), which the Company or any of the Company
Releasors ever had, now have, or hereafter can, shall, or may have,
for, upon, or by reason of any matter, cause, or thing whatsoever
against Brian Bickford. Without limiting the foregoing, the Company
expressly acknowledges that its release hereunder is intended to
include in its effect, without limitation, all Claims which have
arisen and of which he knows, does not know, should have known, had
reason to know, suspects to exist or might exist in his favor at
the time of the signing, and that this Agreement extinguishes any
such Claim or Claims. This release shall be binding upon each of
Company and the Company Releasors and their respective partners,
officers, directors, stockholders, employees, agents, advisors,
representatives, personal representatives, heirs, assigns,
successors and affiliates, and shall inure to the benefit of Brian
Bickford.
(b) The Company and each of the Company Releasors
acknowledges and agrees that none of them will ever institute a
Claim or sue Brian Bickford concerning
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